WH Smith right not to have given up on the high street

For any other general retailer, flat sales on the high street wouldn't make for a good set of half-year results. But this is WH Smith (SMWH) we're talking about. The stationer has recently suffered from falling comparable sales across its traditional shops, while its outlets at various travel hubs - airports, train stations, etc - have grown significantly. Case in point: during the first half of the financial year, travel-based sales rose 5 per cent on an underlying basis, while high street sales were level. Over the five weeks to 2 January 2016, they rose by 2 per cent.

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